First Look at June: ADP Says 2.37M Nonfarm Private Jobs Gained
The economic mover and shaker this week is Friday's employment report from the Bureau of Labor Statistics. This monthly report contains a wealth of data for economists, the most publicized being the month-over-month change in Total Nonfarm Employment (the PAYEMS series in the FRED repository).
Today we have the ADP June estimate of 2.369M nonfarm private employment jobs lost, a decrease over the ADP revised May figure of 3.065M.
The -2.37M estimate came in below the Investing.com consensus of -3M for the ADP number.
The Investing.com forecast for the forthcoming BLS report is for 2.9M private nonfarm jobs gained and the unemployment rate to drop to 12.3%. Their forecast for the June full nonfarm new jobs is (the PAYEMS number) 3M.
Here is an excerpt from today's ADP report press release:
“Small business hiring picked up in the month of June,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “As the economy slowly continues to recover, we are seeing a significant rebound in industries that once experienced the greatest job losses. In fact, 70 percent of the jobs added this month were in the leisure and hospitality, trade and construction industries.”
Here is a visualization of the two series over the previous twelve months.
The next update to this report will be on August 5.
Here's our list of monthly employment updates: